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Form 982 online NV: What You Should Know
Our forms will guide you through the process of reducing tax attributes to the zero number. The first step is to determine the amount of debt that is a discharge, so that you can apply the zero number to it. The zero number is not a precise number, but rather just a general number that is used in determining who could benefit from the discount. Once you have calculated the amount of debt that could be a discharge, you must use the appropriate Form 982 to apply the zero number to the amount of debt. Your tax attributes are affected by the amount of discrepancies between the debt cancellation and the zero number. Therefore, you must apply the zero number to the amount of debt before applying the debt cancellation, and this is called the difference. This adjustment will be the amount by which the tax attribute is changed. Therefore, a “0” will indicate no adjustment to your tax attributes, and a “0.75” would mean you would have a 0.75 credit applied instead (a partial credit). Note that a zero credit or credit reduction is the same as a loss, and the zero credit or credit reduction will affect your tax and penalty on your tax return. The “Discrepancy Between Debt Cancellation and Zero Number” means you cannot cancel all debt, but only a portion of the total amount of debt that will be a discharge. You will receive your tax reduction based on the amount of debt that you cancel. If the amount of debt you cancel equals or exceeds the total amount of debt that is a discharge, you will not be eligible for benefits, and the tax attribute you have applied is the maximum possible credit applied on your tax return. For example ... An annual income of 180,000 includes a 10,000 mortgage, 10,000 creditable income, annual 1,000 tax credit and 1,000 personal property tax credit. A discharge of debt of 20,000 (discrepancy of 20,000/0.75 = 75) results in a tax rate reduction which is: 20,000, less 20,000 is zero. You can use our online Form 982, (2 p), to calculate if you have the ...
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